,i #aacth ,,congress #ast ,session ,h4 ,r4 #bifd ,,in ,,the ,,house ,,of ,,representatives ,august #a1 #bjac ,mr4 ,pitts introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to establish and provide for the treatment of ,individual ,development ,accounts1 and for other purposes4 #a4 ,short title1 etc 7a7 ,in general ,this ,act may be cited as the ,savings for ,working ,families ,act of #bjac4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title1 etc4 ,sec4 #b4 ,purposes4 ,sec4 #c4 ,definitions4 ,sec4 #d4 ,structure and administration of qualified ,individual ,development ,account programs4 ,sec4 #e4 ,procedures for opening and maintaining an ,individual ,development ,account and qualifying for matching funds4 ,sec4 #f4 ,deposits by qualified ,individual ,development ,account programs4 ,sec4 #g4 ,withdrawal procedures4 ,sec4 #h4 ,certification and termination of qualified ,individual ,development ,account programs4 ,sec4 #i4 ,reporting1 monitoring1 and evaluation4 ,sec4 #aj4 ,authorization of appropriations4 ,sec4 #aa4 ,matching funds for ,individual ,development ,accounts provided through a tax credit for qualified financial institutions4 ,sec4 #ab4 ,account funds disregarded for purposes of certain means-tested ,federal programs4 #b4 ,purposes ,the purposes of this ,act are to provide for the establishment of individual development account programs that will-- 7#a7 provide individuals and families with limited means an opportunity to accumulate assets and to enter the financial mainstream1 7#b7 promote education1 homeownership1 and the development of small businesses1 7#c7 stabilize families and build communities1 and 7#d7 support continued ,united ,states economic expansion4 #c4 ,definitions ,as used in this ,act3 7#a7 ,eligible individual 7,a7 ,in general ,the term eligible individual means1 with respect to any taxable year1 an individual who-- 7i7 has attained the age of #ah but not the age of #fa as of the last day of such taxable year1 7ii7 is a citizen or lawful permanent resident 7within the meaning of section #ggja7;b77#f7 of the ,internal ,revenue ,code of #aihf7 of the ,united ,states as of the last day of such taxable year1 7iii7 was not a student 7as defined in section #aeb7;f77#b7 of such ,code7 for the immediately preceding taxable year1 7iv7 is not an individual with respect to whom a deduction under section #aea of such ,code is allowable to another taxpayer for a taxable year of the other taxpayer ending during the immediately preceding taxable year of the individual1 7v7 is not a taxpayer described in subsection 7c71 7d71 7e71 or 7f7 of section #fdjb of such ,code for the immediately preceding taxable year1 7vi7 is not a taxpayer described in section #a7;d7 of such ,code for the immediately preceding taxable year1 and 7vii7 is a taxpayer the modified adjusted gross income of whom for the immediately preceding taxable year does not exceed-- 7,i7 #bj1jjj1 in the case of a taxpayer described in section #a7;c7 of such ,code1 7,,ii7 #cj1jjj1 in the case of a taxpayer described in section #a7;b7 of such ,code1 and 7,,iii7 #dj1jjj1 in the case of a taxpayer described in section #a7;a7 of such ,code4 7,b7 ,inflation adjustment 7i7 ,in general ,in the case of any taxable year beginning after #bjad1 each dollar amount referred to in subparagraph 7,a77vii7 shall be increased by an amount equal to-- 7,i7 such dollar amount1 multiplied by 7,,ii7 the cost-of-living adjustment determined under section 7#a77;f77#c7 of the ,internal ,revenue ,code of #aihf for the calendar year in which the taxable year begins1 by substituting #bjac for #aiib4 7ii7 ,rounding ,if any amount as adjusted under clause 7i7 is not a multiple of #ej1 such amount shall be rounded to the nearest multiple of #ej4 7,c7 ,modified adjusted gross income ,for purposes of subparagraph 7,a77v71 the term modified adjusted gross income means adjusted gross income-- 7i7 determined without regard to sections #hf1 #hic1 #iaa1 #ica1 and #icc of the ,internal ,revenue ,code of #aihf1 and 7ii7 increased by the amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax4 7#b7 ,individual ,development ,account ,the term ,individual ,development ,account means an account established for an eligible individual as part of a qualified individual development account program1 but only if the written governing instrument creating the account meets the following requirements3 7,a7 ,the owner of the account is the individual for whom the account was established4 7,b7 ,no contribution will be accepted unless it is in cash1 and1 except in the case of any qualified rollover1 contributions will not be accepted for the taxable year in excess of #a1ejj on behalf of any individual4 7,c7 ,the trustee of the account is a qualified financial institution4 7,d7 ,the assets of the account will not be commingled with other property except in a common trust fund or common investment fund4 7,e7 ,except as provided in section #g7;b71 any amount in the account may be paid out only for the purpose of paying the qualified expenses of the account owner4 7#c7 ,parallel ,account ,the term parallel account means a separate1 parallel individual or pooled account for all matching funds and earnings dedicated to an ,individual ,development ,account owner as part of a qualified individual development account program1 the trustee of which is a qualified financial institution4 7#d7 ,qualified financial institution 7,a7 ,in general ,the term qualified financial institution means any person authorized to be a trustee of any individual retirement account under section #djh7;a77#b7 of the ,internal ,revenue ,code of #aihf4 7,b7 ,rule of construction 7i7 ,in general ,nothing in this paragraph shall be construed as preventing a person described in subparagraph 7,a7 from collaborating with #a or more qualified nonprofit organizations or ,indian tribes to carry out an individual development account program established under section #d4 7ii7 ,qualified nonprofit organization ,the term qualified nonprofit organization means-- 7,i7 any organization described in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf and exempt from taxation under section #eja7;a7 of such ,code1 7,,ii7 any community development financial institution certified by the ,community ,development ,financial ,institution ,fund1 7,,iii7 any credit union chartered under ,federal or ,state law1 or 7,,iv7 any public housing agency as defined in section #c7;b77#f7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b77#f774 7iii7 ,indian tribe ,the term ,indian tribe means any ,indian tribe as defined in section #d7ab7 of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc7ab771 and includes any tribally designated housing entity 7as defined in section #d7ba77 of such ,act 7#be ,u4,s4,c4 #dajc7ba771 tribal subsidiary1 subdivision1 or other wholly owned tribal entity4 7#e7 ,qualified ,individual ,development ,account program ,the term qualified individual development account program means a program established upon approval of the ,secretary under section #d after ,december #ca1 #bjac1 under which-- 7,a7 ,individual ,development ,accounts and parallel accounts are held in trust by a qualified financial institution1 and 7,b7 additional activities determined by the ,secretary1 in consultation with the ,secretary of ,health and ,human ,services1 as necessary to responsibly develop and administer accounts1 including recruiting1 providing financial education and other training to ,account owners1 and regular program monitoring1 are carried out by the qualified financial institution4 7#f7 ,qualified expense distribution 7,a7 ,in general ,the term qualified expense distribution means any amount paid 7including through electronic payments7 or distributed out of an ,individual ,development ,account or a parallel account established for an eligible individual if such amount-- 7i7 is used exclusively to pay the qualified expenses of the ,individual ,development ,account owner or such owner's spouse or dependents1 7ii7 is paid by the qualified financial institution-- 7,i7 except as otherwise provided in this clause1 directly to the unrelated third party to whom the amount is due1 7,,ii7 in the case of any qualified rollover1 directly to another ,individual ,development ,account and parallel account1 or 7,,iii7 in the case of a qualified final distribution1 directly to the spouse1 dependent1 or other named beneficiary of the deceased ,account owner1 and 7iii7 is paid after the ,account owner has completed a financial education course if required under section #e7;b74 7,b7 ,qualified expenses 7i7 ,in general ,the term qualified expenses means any of the following expenses approved by the qualified financial institution3 7,i7 ,qualified higher education expenses4 7,,ii7 ,qualified first-time homebuyer costs4 7,,iii7 ,qualified business capitalization or expansion costs4 7,,iv7 ,qualified rollovers4 7,v7 ,qualified final distribution4 7ii7 ,qualified higher education expenses 7,i7 ,in general ,the term qualified higher education expenses has the meaning given such term by section #ebi7;e77#c7 of the ,internal ,revenue ,code of #aihf1 determined by treating the ,account owner1 the owner's spouse1 or one or more of the owner's dependents as a designated beneficiary1 and reduced as provided in section #be;,a7g77#b7 of such ,code4 7,,ii7 ,coordination ,with other benefits ,the amount of expenses which may be taken into account for purposes of section #ace1 #ebi1 or #ecj of such ,code for any taxable year shall be reduced by the amount of any qualified higher education expenses taken into account as qualified expense distributions during such taxable year4 7iii7 ,qualified first-time homebuyer costs ,the term qualified first-time homebuyer costs means qualified acquisition costs 7as defined in section #gb7t77#h77;,c7 of the ,internal ,revenue ,code of #aihf7 with respect to a principal residence 7within the meaning of section #aba of such ,code7 for a qualified first-time homebuyer 7as defined in section #gb7t77#h77;,d77i7 of such ,code74 7iv7 ,qualified business capitalization or expansion costs 7,i7 ,in general ,the term qualified business capitalization or expansion costs means qualified expenditures for the capitalization or expansion of a qualified business pursuant to a qualified business plan4 7,,ii7 ,qualified expenditures ,the term qualified expenditures means expenditures normally associated with starting or expanding a business and included in a qualified business plan1 including costs for capital1 plant1 and equipment1 inventory expenses1 and attorney and accounting fees4 7,,iii7 ,qualified business ,the term qualified business means any business that does not contravene any law4 7,,iv7 ,qualified business plan ,the term qualified business plan means a business plan which has been approved by the qualified financial institution and which meets such requirements as the ,secretary may specify4 7v7 ,qualified rollovers ,the term qualified rollover means the complete distribution of the amounts in an ,individual ,development ,account and parallel account to another ,individual ,development ,account and parallel account established in another qualified financial institution for the benefit of the ,account owner4 7vi7 ,qualified final distribution ,the term qualified final distribution means1 in the case of a deceased ,account owner1 the complete distribution of the amounts in the ,individual ,development ,account and parallel account directly to the spouse1 any dependent1 or other named beneficiary of the deceased4 7#g7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 #d4 ,structure and administration of qualified ,individual ,development ,account programs 7a7 ,establishment of qualified ,individual ,development ,account programs ,any qualified financial institution may apply to the ,secretary for approval to establish #a or more qualified individual development account programs which meet the requirements of this ,act4 7b7 ,basic program structure 7#a7 ,in general ,all qualified individual development account programs shall consist of the following #b components for each participant3 7,a7 ,an ,individual ,development ,account to which an eligible individual may contribute cash in accordance with section #e4 7,b7 ,a parallel account to which all matching funds shall be deposited in accordance with section #f4 7#b7 ,tailored ,,ida programs ,a qualified financial institution may tailor its qualified individual development account program to allow matching funds to be spent on #a or more of the categories of qualified expenses4 7c7 ,coordination ,with public housing agency individual ,savings ,accounts ,section #c7;e77#b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7e77#b77 is amended by inserting or in any ,individual ,development ,account established under the ,savings for ,working ,families ,act of #bjac after subsection4 7d7 ,tax treatment of parallel ,accounts 7#a7 ,in general ,chapter #gg of the ,internal ,revenue ,code of #aihf 7relating to miscellaneous provisions7 is amended by adding at the end the following new section3 #gebi4 ,tax incentives for individual development parallel ,accounts ,for purposes of this title-- 7#a7 any account described in section #d7;b77#a77;,b7 of the ,savings for ,working ,families ,act of #bjac shall be exempt from taxation1 7#b7 except as provided in section #de,s1 no item of income1 expense1 basis1 gain1 or loss with respect to such an account may be taken into account1 and 7#c7 any amount withdrawn from such an account shall not be includible in gross income4 4 7#b7 ,conforming amendment ,the table of sections for chapter #gg of such ,code is amended by adding at the end the following new item3 ,sec4 #gebi4 ,tax incentives for individual development parallel accounts4 4 7e7 ,coordination of certain expenses ,section #be;,a7g77#b7 of such ,code is amended by striking and at the end of subparagraph 7,b71 by striking the period at the end of subparagraph 7,c7 and inserting 1 and1 and by adding at the end the following new subparagraph3 7,d7 a qualified expense distribution with respect to qualified higher education expenses from an ,individual ,development ,account or a parallel account under section #g7;a7 of the ,savings for ,working ,families ,act of #bjac4 4 #e4 ,procedures for opening and maintaining an ,individual ,development ,account and qualifying for matching funds 7a7 ,opening an ,account ,an eligible individual may open an ,individual ,development ,account with a qualified financial institution upon certification that such individual has never maintained any other ,individual ,development ,account 7other than an ,individual ,development ,account to be terminated by a qualified rollover74 7b7 ,required completion of financial education course 7#a7 ,in general ,before becoming eligible to withdraw funds to pay for qualified expenses1 owners of ,individual ,development ,accounts must complete #a or more financial education courses specified in the qualified individual development account program4 7#b7 ,standard and applicability of course ,the ,secretary1 in consultation with representatives of qualified individual development account programs and financial educators1 shall not later than ,january #a1 #bjaj1 establish minimum quality standards for the contents of financial education courses and providers of such courses described in paragraph 7#a7 and a protocol to exempt individuals from the requirement under paragraph 7#a7 in the case of hardship1 lack of need1 the attainment of age #fe1 or a qualified final distribution4 7c7 ,proof of status as an eligible individual ,federal income tax forms for the immediately preceding taxable year and any other evidence of eligibility which may be required by a qualified financial institution shall be presented to such institution at the time of the establishment of the ,individual ,development ,account and in any taxable year in which contributions are made to the ,account to qualify for matching funds under section #f7;b77#a77;,a74 7d7 ,special rule in the case of married individuals ,for purposes of this ,act1 if1 with respect to any taxable year1 #b married individuals file a ,federal joint income tax return1 then not more than #a of such individuals may be treated as an eligible individual with respect to the succeeding taxable year4 #f4 ,deposits by qualified ,individual ,development ,account programs 7a7 ,parallel ,accounts ,the qualified financial institution shall deposit all matching funds for each ,individual ,development ,account into a parallel account at a qualified financial institution4 7b7 ,regular deposits of matching funds 7#a7 ,in general ,subject to paragraph 7#b71 the qualified financial institution shall deposit into the parallel account with respect to each eligible individual the following amounts3 7,a7 ,a dollar-for-dollar match for the first #ejj contributed by the eligible individual into an ,individual ,development ,account with respect to any taxable year of such individual4 7,b7 ,any matching funds provided by ,state1 local1 or private sources in accordance with the matching ratio set by those sources4 7#b7 ,timing of deposits ,a deposit of the amounts described in paragraph 7#a7 shall be made into a parallel account-- 7,a7 in the case of amounts described in paragraph 7#a77;,a71 not later than #cj days after the end of the calendar quarter during which the contribution described in such paragraph was made1 and 7,b7 in the case of amounts described in paragraph 7#a77;,b71 not later than #b business days after such amounts were provided4 7#c7 ,cross reference ,for allowance of tax credit for ,individual ,development ,account subsidies1 including matching funds1 see section #de,s of the ,internal ,revenue ,code of #aihf4 7c7 ,deposit of matching funds into ,individual ,development ,account of individual who has attained age #fe ,in the case of an ,individual ,development ,account owner who attains the age of #fe1 the qualified financial institution shall deposit the funds in the parallel account with respect to such individual into the ,individual ,development ,account of such individual on the later of-- 7#a7 the day which is the #a-year anniversary of the deposit of such funds in the parallel account1 or 7#b7 the first business day of the taxable year of such individual following the taxable year in which such individual attained age #fe4 7d7 ,uniform accounting regulations ,to ensure proper recordkeeping and determination of the tax credit under section #de,s of the ,internal ,revenue ,code of #aihf1 the ,secretary shall prescribe regulations with respect to accounting for matching funds in the parallel accounts4 7e7 ,regular reporting of ,accounts ,any qualified financial institution shall report the balances in any ,individual ,development ,account and parallel account of an individual on not less than an annual basis to such individual4 #g4 ,withdrawal procedures 7a7 ,withdrawals for qualified expenses 7#a7 ,in general ,an ,individual ,development ,account owner may withdraw funds in order to pay qualified expense distributions from such individual's-- 7,a7 ,individual ,development ,account1 but only from funds which have been on deposit in such ,account for at least #a year1 and 7,b7 parallel account1 but only-- 7i7 from matching funds which have been on deposit in such parallel account for at least #a year1 7ii7 from earnings in such parallel account1 after all matching funds described in clause 7i7 have been withdrawn1 and 7iii7 to the extent such withdrawal does not result in a remaining balance in such parallel account which is less than the remaining balance in the ,individual ,development ,account after such withdrawal4 7#b7 ,procedure ,upon receipt of a withdrawal request which meets the requirements of paragraph 7#a71 the qualified financial institution shall directly transfer the funds electronically to the distributees described in section #c7f77;,a77ii74 ,if a distributee is not equipped to receive funds electronically1 the qualified financial institution may issue such funds by paper check to the distributee4 7b7 ,withdrawals for nonqualified expenses ,an ,individual ,development ,account owner may withdraw any amount of funds from the ,individual ,development ,account for purposes other than to pay qualified expense distributions1 but if1 after such withdrawal1 the amount in the parallel account of such owner 7excluding earnings on matching funds7 exceeds the amount remaining in such ,individual ,development ,account1 then such owner shall forfeit from the parallel account the lesser of such excess or the amount withdrawn4 7c7 ,withdrawals from ,accounts of noneligible individuals ,if the individual for whose benefit an ,individual ,development ,account is established ceases to be an eligible individual1 such account shall remain an ,individual ,development ,account1 but such individual shall not be eligible for any further matching funds under section #f7;b77#a77;,a7 for contributions which are made to the ,account during any taxable year when such individual is not an eligible individual4 7d7 ,effect of pledging ,account as security ,if1 during any taxable year of the individual for whose benefit an ,individual ,development ,account is established1 that individual uses the ,account1 the individual's parallel account1 or any portion thereof as security for a loan1 the portion so used shall be treated as a withdrawal of such portion from the ,individual ,development ,account for purposes other than to pay qualified expenses4 #h4 ,certification and termination of qualified ,individual ,development ,account programs 7a7 ,certification procedures ,upon establishing a qualified individual development account program under section #d1 a qualified financial institution shall certify to the ,secretary at such time and in such manner as may be prescribed by the ,secretary and accompanied by any documentation required by the ,secretary1 that-- 7#a7 the accounts described in subparagraphs 7,a7 and 7,b7 of section #d7;b77#a7 are operating pursuant to all the provisions of this ,act1 and 7#b7 the qualified financial institution agrees to implement an information system necessary to monitor the cost and outcomes of the qualified individual development account program4 7b7 ,authority ,to terminate qualified ,,ida program ,if the ,secretary determines that a qualified financial institution under this ,act is not operating a qualified individual development account program in accordance with the requirements of this ,act 7and has not implemented any corrective recommendations directed by the ,secretary71 the ,secretary shall terminate such institution's authority to conduct the program4 ,if the ,secretary is unable to identify a qualified financial institution to assume the authority to conduct such program1 then any funds in a parallel account established for the benefit of any individual under such program shall be deposited into the ,individual ,development ,account of such individual as of the first day of such termination4 #i4 ,reporting1 monitoring1 and evaluation 7a7 ,responsibilities of qualified financial institutions ,each qualified financial institution that operates a qualified individual development account program under section #d shall report annually to the ,secretary within #ij days after the end of each calendar year on-- 7#a7 the number of individuals making contributions into ,individual ,development ,accounts and the amounts contributed1 7#b7 the amounts contributed into ,individual ,development ,accounts by eligible individuals and the amounts deposited into parallel accounts for matching funds1 7#c7 the amounts withdrawn from ,individual ,development ,accounts and parallel accounts1 and the purposes for which such amounts were withdrawn1 7#d7 the balances remaining in ,individual ,development ,accounts and parallel accounts1 and 7#e7 such other information needed to help the ,secretary monitor the effectiveness of the qualified individual development account program 7provided in a non-individually identifiable manner74 7b7 ,responsibilities of the ,secretary 7#a7 ,monitoring protocol ,not later than #ab months after the date of the enactment of this ,act1 the ,secretary1 in consultation with the ,secretary of ,health and ,human ,services1 shall develop and implement a protocol and process to monitor the cost and outcomes of the qualified individual development account programs established under section #d4 7#b7 ,annual reports ,for each year after #bjad1 the ,secretary shall submit a progress report to ,congress on the status of such qualified individual development account programs4 ,such report shall1 to the extent data are available1 include from a representative sample of qualified individual development account programs information on-- 7,a7 the characteristics of participants1 including age1 gender1 race or ethnicity1 marital status1 number of children1 employment status1 and monthly income1 7,b7 deposits1 withdrawals1 balances1 uses of ,individual ,development ,accounts1 and participant characteristics1 7,c7 the characteristics of qualified individual development account programs1 including match rate1 economic education requirements1 and permissible uses of accounts1 and 7,d7 process information on program implementation and administration1 especially on problems encountered and how problems were solved4 7#c7 ,use of ,accounts in rural areas encouraged ,the ,secretary shall develop methods to encourage the use of ,individual ,development ,accounts in rural areas4 #aj4 ,authorization of appropriations 7a7 ,in general ,there is authorized to be appropriated to the ,secretary #c1jjj1jjj for fiscal year #bjad and for each fiscal year through #bjai1 for the purposes of implementing this ,act1 including the reporting1 monitoring1 and evaluation required under section #i1 to remain available until expended4 7b7 ,grants ,there is authorized to be appropriated to the ,secretary #abj1jjj1jjj-- 7#a7 to make grants to qualified nonprofit organizations and ,indian tribes to help defray the administrative costs associated with the operation of individual development account programs1 including the required financial education courses1 and 7#b7 to provide technical assistance to qualified nonprofit organizations and ,indian tribes in meeting such program requirements4 #aa4 ,matching funds for ,individual ,development ,accounts provided through a tax credit for qualified financial institutions 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf 7relating to business related credits7 is amended by adding at the end the following new section3 #de,s4 ,individual ,development ,account investment credit 7a7 ,determination of amount ,for purposes of section #ch1 the individual development account investment credit determined under this section with respect to any eligible entity for any taxable year is an amount equal to the individual development account investment provided by such eligible entity during the taxable year under an individual development account program established under section #d of the ,savings for ,working ,families ,act of #bjac4 7b7 ,applicable tax ,for the purposes of this section1 the term applicable tax means the excess 7if any7 of-- 7#a7 the tax imposed under this chapter 7other than the taxes imposed under the provisions described in subparagraphs 7,c7 through 7,q7 of section #bf7;b77#b771 over 7#b7 the credits allowable under subpart ,b 7other than this section7 and subpart ,d of this part4 7c7 ,individual ,development ,account investment ,for purposes of this section1 the term individual development account investment means1 with respect to an individual development account program in any taxable year1 an amount equal to the sum of-- 7#a7 the aggregate amount of dollar-for-dollar matches under such program under section #f7;b77#a77;,a7 of the ,savings for ,working ,families ,act of #bjac for such taxable year1 plus 7#b7 #ej with respect to each ,individual ,development ,account maintained-- 7,a7 as of the end of such taxable year1 but only if such taxable year is within the #g-taxable-year period beginning with the taxable year in which such ,account is opened1 and 7,b7 with a balance of not less than #ajj 7other than the taxable year in which such ,account is opened74 7d7 ,eligible entity ,for purposes of this section1 except as provided in regulations1 the term eligible entity means a qualified financial institution4 7e7 ,other definitions ,for purposes of this section1 any term used in this section and also in the ,savings for ,working ,families ,act of #bjac shall have the meaning given such term by such ,act4 7f7 ,denial of double benefit 7#a7 ,in general ,no deduction or credit 7other than under this section7 shall be allowed under this chapter with respect to any expense which-- 7,a7 is taken into account under subsection 7c77#a77;,a7 in determining the credit under this section1 or 7,b7 is attributable to the maintenance of an ,individual ,development ,account4 7#b7 ,determination of amount ,solely for purposes of paragraph 7#a77;,b71 the amount attributable to the maintenance of an ,individual ,development ,account shall be deemed to be the dollar amount of the credit allowed under subsection 7c77l77,b7 for each taxable year such ,individual ,development ,account is maintained4 7g7 ,credit may be transferred 7#a7 ,in general ,an eligible entity may transfer any credit allowable to the eligible entity under subsection 7a7 to any person other than to another eligible entity which is exempt from tax under this title4 ,the determination as to whether a credit is allowable shall be made without regard to the tax-exempt status of the eligible entity4 7#b7 ,consent required for revocation ,any transfer under paragraph 7#a7 may be revoked only with the consent of the ,secretary4 7h7 ,regulations ,the ,secretary may prescribe such regulations as may be necessary or appropriate to carry out this section1 including-- 7#a7 such regulations as necessary to insure that any credit described in subsection 7g77#a7 is claimed once and not retransferred by a transferee1 and 7#b7 regulations providing for a recapture of the credit allowed under this section 7notwithstanding any termination date described in subsection 7i77 in cases where there is a forfeiture under section #g7;b7 of the ,savings for ,working ,families ,act of #bjac in a subsequent taxable year of any amount which was taken into account in determining the amount of such credit4 7i7 ,application of ,section 7#a7 ,in general ,this section shall apply to any expenditure made in any taxable year ending after ,december #ca1 #bjac1 and beginning on or before ,january #a1 #bjba1 with respect to any ,individual ,development ,account which-- 7,a7 is opened before ,january #a1 #bjai1 and 7,b7 as determined by the ,secretary1 when added to all of the previously opened ,individual ,development ,accounts1 does not exceed #b1gjj1jjj ,accounts4 ,notwithstanding the preceding sentence1 this section shall apply to amounts which are described in subsection 7c77#a7 and which are timely deposited into a parallel account during the #cj-;day period following the end of the last taxable year beginning on or before ,january #a1 #bjai4 7#b7 ,determination of limitation ,the limitation on the number of ,individual ,development ,accounts under paragraph 7#a77;,b7 shall be allocated by the ,secretary among eligible individuals as such individuals open such ,accounts under qualified individual development account programs1 except that1 in the case of #cjj1jjj ,accounts1 such limitation shall be equally allocated among the ,states4 4 7b7 ,credit treated as business credit ,section #ch7;b7 of such ,code 7relating to current year business credit7 is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of paragraph 7#cf7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cg7 the individual development account investment credit determined under section #de,s7a74 4 7c7 ,conforming amendment ,the table of sections for subpart ,c of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by adding at the end the following new item3 ,sec4 #de,s4 ,individual development account investment credit4 4 7d7 ,report regarding ,account maintenance fees ,the ,secretary of the ,treasury shall study the adequacy of the amount specified in section #de,s7c77#b7 of the ,internal ,revenue ,code of #aihf 7as added by this section74 ,not later than ,december #ca1 #bjad1 the ,secretary of the ,treasury shall report the findings of the study described in the preceding sentence to ,congress4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years ending after ,december #ca1 #bjac4 #ab4 ,account funds disregarded for purposes of certain means-tested ,federal programs ,notwithstanding any other provision of ,federal law 7other than the ,internal ,revenue ,code of #aihf7 that requires consideration of #a or more financial circumstances of an individual1 for the purpose of determining eligibility to receive1 or the amount of1 any assistance or benefit authorized by such provision to be provided to or for the benefit of such individual1 any amount 7including earnings thereon7 in any ,individual ,development ,account of such individual and any matching deposit made on behalf of such individual 7including earnings thereon7 in any parallel account shall be disregarded for such purpose with respect to any period during which such individual maintains or makes contributions into such ,individual ,development ,account4